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How to secure barclays Loans [+ Small Business Loans]

There are many reasons why you should take out a loan – and there are many ways to do so. Take a look at the options available and see if they could help you.

Barclays Loans:

There are different ways to borrow money, and which one you choose depends ultimately on what you want to achieve. This guide will help you make the right choice. To get started, think about:

  • What do I need the money for?
  • How much do I need to borrow?
  • When do I need it?
  • How will I pay it back?

 

Here’s an overview of the main options you could consider.

All lending is subject to application, financial circumstances and borrowing history. Terms and conditions apply to all. The amount we’ll lend you could be different to the amounts we’ve shown below. You must be 18 or over and resident in the UK to apply for lending with us.

How to secure barclays Loans [+ Small Business Loans]
Barclays Loans

Borrowing options : Large, one-off purchases, like buying a car, consolidating debts, or home improvements.

 

barclays Loans – Borrowing options

Loans

Suitable for

Large, one-off purchases, like buying a car, consolidating debts, or home improvements.

You can use a credit card for just about anything, including

  • Balance transfers
  • Money transfers
  • Everyday spending
  • Large purchases like holidays and home improvements

Some cards also have specific features, like

  • Cashback
  • Earning rewards
  • Large costs, like home improvements, or debt consolidation
  • You might be able to borrow over a longer period than with a personal loan

Restrictions

You may not use a loan for business purposes, investments (including the purchase of stocks and shares), timesharing, acquisition of property, gambling related expenses, repayment of district court judgments, or a purchase made by combining this loan with others.

You may not use it for business purposes, gambling-related transactions such as gambling, betting and the purchase of lottery tickets, illegal purposes or certain types of transactions of which we will inform you from time to time.

You won’t be able to use it for business purposes, investments (including buying stocks and shares), timeshares, gambling or repaying gambling debt, repaying county court judgements, self-build properties, or to make your monthly mortgage repayments.

 

There are more restrictions on buy-to-let and commercial mortgages – talk to a mortgage consultant if you have anything other than a residential mortgage.

You can’t use an arranged overdraft for investments, like stocks and shares.

Amount you could borrow

£1,000 to £50,000

  • £50 to £15,000 (we’ll give you a limit that’s affordable to you)
  • If you apply for a Barclaycard, we’ll show you more information about how to get the most from your offer. The approval of your application and the terms we may offer you depend on your financial circumstances and borrowing history. The interest rates we offer you may differ from those shown on examples
  • If you make repayments on time, don’t miss any payments and don’t go over your credit limit, we may increase your limit later
  • £5,000 to £2 million
  • Get up to 85% of your home’s value, or 80% if you’re consolidating debts

£100 to £5,000, depending on the type of account you have.

Eligibility

  • If you have a current account with us, check if you’re pre-selected to apply in the app or Online Banking
  • See how much you might be able to borrow and your personal interest rate

Log in to Online Banking to see if you’re eligible

Use our eligibility checker to see if you’re likely to be accepted before you apply.

  • You’ll need to have a mortgage with us
  • You’ll need to apply for the borrowing and we’ll assess your application based on your financial circumstances and borrowing history
  • If you have a buy-to-let mortgage, you’ll need to have it for a minimum of six months before you can apply (there’s no minimum wait for residential mortgages)
  • You must be 21 or over to apply for any buy-to-let-related lending
  • You’ll need a current account with us
  • Use our eligibility checkerto see if you’re likely to be accepted before you apply

If you already have this type of borrowing

If you already have a loan with Barclays and need to borrow more, you can apply for a top-up or an additional loan.

Log in to your Barclays or Barclaycard app, or the Barclaycard website, to see if you have any offers.

  • You can borrow more, as long as you meet the eligibility and affordability criteria
  • For buy-to-let mortgages, there’s a minimum wait of six months from the last time you borrowed more (there’s no minimum wait for residential mortgages)

If you need more funds, you may be able to increase your arranged overdraft in the Barclays app, Online Banking (if you’re registered), over the phone or in a branch.

When you’ll get it

Usually as soon as we approve your application.

  • If you have a current account with us and we can validate your income, you can get a Barclaycard as soon as we approve your application
  • Your card should arrive within 7 to 14 days

The application process is longer than for other types of borrowing, so it could take a month or so.

Straight away if we approve your application.

Repayment

You’ll need to repay your loan in fixed monthly instalments by Direct Debit over an agreed period.

You can pay in a variety of ways, the easiest being by Direct Debit.

  • Pay off the full balance every month by the due date and you won’t get charged any interest on purchases (though interest is charged on cash withdrawals from the day you withdraw the money)
  • Pay less than the full amount and you’ll have interest added to the remaining balance the following month (though not during interest-free offer periods)
  • Pay the minimum amount, though it’ll take longer to pay off and you’ll pay more interest (except during an interest-free offer period)
  • It’ll be added onto your monthly mortgage payment
  • You might be able to pay it back sooner than the rest of your mortgage – ask us about paying over a different term
  • There’s no set term, so it’s a flexible way to borrow
  • Repay in your own time, but you’ll be charged interest whenever you use it, so you’ll need to consider this when thinking about how much you want to borrow

Things to consider

  • A loan application will show up on your credit report – check how likely you are to be accepted before you apply
  • If you miss a payment, it’ll affect your credit score, and we may charge you a late or missed payment fee
  • If you want to pay off your loan early, we’ll charge an early settlement fee
  • A credit card application will show up on your credit report – check how likely you are to be accepted before you apply
  • If you miss a payment, it’ll affect your credit score, and we may charge you a late or missed payment fee
  • We have a variety of credit cards with different features and offers
  • Interest rates vary and depend on your circumstances
  • 0% interest-free periods or 0% balance transfer offers are good short-term options, but be careful if you haven’t repaid the balance when the offer period runs out as you’ll be charged interest
  • Credit cards shouldn’t be used to fund long-term borrowing, so keep an eye on your spending and only borrow what you can afford to pay back
  • Additional mortgage borrowing is secured against your home, so your home is at risk if you don’t keep up repayments
  • While you might get a lower interest rate than with a personal loan, it could end up costing you more if you repay over a longer period
  • Make sure you know how much we’ll charge you for using your arranged overdraft
  • Arranged overdrafts should only be seen as a short-term solution. If you need to borrow for longer, or want a structured repayment plan, look at the other options

How to apply

  • The Barclays app
  • Online Banking
  • Telephone Banking
  • In a branch (it’s a good idea to book an appointment)
  • Video call us from your mobile device or Barclays app – find out how
  • The Barclays app
  • Online Banking
  • Telephone Banking
  • In a branch (it’s a good idea to book an appointment)
  • In a branch – make an appointment with one of our mortgage advisers
  • Call us on 0800 197 10811
  • Through an independent financial adviser
  • The Barclays app2
  • Online Banking2
  • Telephone Banking
  • In a branch (it’s a good idea to book an appointment)

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Reference: Barclays

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